That deficit, which more than trebled to hit a record high in November as imports grew ten times as fast as exports, is widely seen by economists and ratings agencies as the Turkish economy's Achilles heel.

In the south-west, the unemployment rate among 18- to 24-year-old women has almost trebled, from 5% to 14%, since early 2008, while it has almost doubled in the north-west, Yorkshire, West Midlands, the south-east and Scotland.

Liam Burns, president of the National Union of Students, said: "Fee waivers are being used in a cynical attempt to cover up the mess made when the government trebled the tuition fee cap, instead of properly supporting less-wealthy students."

The most determined choose to reapply the following year, but those who miss out this year will find themselves with fees trebled and government funding slashed simply because the government is not willing to expand investment in skills and education for young people when it is most needed.

More than 100,000 students will face a double disappointment when they fail to find a place at university this summer and are hit with the prospect of trebled tuition fees when they try again in 12 months' time.